Adani Power to sign Rs 10,000 crore power plant deal in Jharkhand

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Adani Power is planning to set up 1,600 MW thermal power plant in Jharkhand with an envisaged investment of around Rs 10,000 crore.

“Adani Power had in December last year sent a proposal to the Jharkhand government for setting up 1,600 MW power plant in the state,” a source privy to the development said, adding that the company plans to build two power units of 800 MW each.

“They (Adani Power) want to sign a Memorandum of Understanding (MoU) with the Jharkhand government for this thermal power plant estimated at around Rs 10,000 crore,” the source added.

The pact is under consideration of the High-Powered Committee under the Chairmanship of Chief Secretary of Jharkhand, the source said, adding that the “Jharkhand government is actively considering the proposal of Adani Power.”

“The proposal is likely to come up before the High-Powered Committee in a meeting likely next week in which a final call may be taken on the same,” the source said, adding that the company is in the process of identifying land for the power plant.
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However, Adani Power spokesperson refused to comment on the development.

The Gautam Adani-led power major had reported narrowing of consolidated net loss for the September quarter at Rs 369.08 crore, helped by higher sale of electricity.

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The net loss after taxes and minority interest stood at Rs 369.08 crore for the said quarter compared with Rs 798.71 crore a year earlier, Adani Power had earlier said in a BSE filing.

The shares of the company closed 3.77% up at Rs 26.15 a piece on BSE.